Ethereum has staged a 4% recovery to approximately $2,460 over the past 24 hours, demonstrating resilience after experiencing a dramatic 6% decline to $2,350 on October 15. According to CryptoQuant analyst Darkfost, more than $106 million in ETH long positions were liquidated on Binance within a single hour following the Consumer Price Index announcement. The analyst described this as Binance's largest hourly Ethereum long liquidation event in six months, with the correction estimated at roughly 7% during the period examined. CoinGecko data confirms ETH traded at around $2,350, representing a 5.99% decline over 24 hours and an 8.31% loss across seven days. At this price level, Ethereum's market capitalization stood near $286.9 billion, with approximately $18.37 billion in cryptocurrency trading volume over the previous 24 hours. In the latest liquidation snapshot, Ethereum recorded $288.60 million in liquidations, with 92.1% coming from longs, as reported during Asian morning hours.
The sharp decline followed the U.S. Bureau of Labor Statistics confirmation that September U.S. consumer prices increased 0.6% monthly, compared with a 0.4% rise in August. Economists had expected an increase of approximately 0.5%, according to consensus figures cited by Darkfost. Annual inflation reached 3.7%, up from 3.4% in August, with the core CPI (excluding food and energy) increasing 2.6% over the previous year, compared with 2.4% during the preceding month. Energy prices accounted for much of the monthly increase, with gasoline prices rising 9.1% in September, contributing more than half of the overall monthly CPI increase. The energy index climbed 20.4% annually, with gasoline prices increasing 34.2% over the preceding 12 months and fuel oil prices rising 74.2%. In the broader market context, total crypto liquidations reached $942.1 million, with long positions representing 91.6% of the total, as reported by multiple market sources.
Separate exchange data presented a mixed picture of Ethereum's recovery. CryptoQuant analyst Amr Taha reported that Binance's ETH reserves declined by 430,000 tokens between August 25 and October 16, with the exchange holding 3.90 million ETH at the beginning of that period compared with 3.47 million ETH by October 16. Using Taha's reference price of $2,437.30, the difference was valued at approximately $1.05 billion. The 11% reduction represented fewer ETH held in the exchange's tracked wallets, though withdrawals do not automatically establish investor accumulation. CryptoQuant contributor CryptoOnchain examined derivatives market data and reported that Binance ETH open interest declined 4.7% over 30 days to approximately $6.1 billion, with long liquidations increasing 47% during the same period. Meanwhile, seven-day average ETH spot volume declined from $6.73 billion on August 25 to $3.125 billion on October 15, representing a 53.6% reduction in spot trading activity.
At $2,460, Ethereum is currently trading above the $2,350–$2,370 support zone but remains below nearer resistance around $2,500 on the 50-day EMA. The 4-hour MACD shows improving momentum with the histogram turning positive at 1.33, though both the MACD and signal lines remain below zero. The Relative Strength Index (RSI) measured 41.93, below its moving average of 46.64 and the neutral 50 level, indicating weak momentum and placing ETH near the commonly watched oversold threshold of 30. The latest daily chart showed ETH near $2,459 after recovering from the recent decline, with the Moving Average Convergence Divergence (MACD) line at -35.5 below its signal line of -8.6, and the histogram registering -26.9. The first major downside level sits near $2,400, with a break below that area potentially exposing $2,300–$2,200, while reclaiming $2,550 would bring $2,600 and eventually $2,750–$2,800 into focus. The immediate support area identified is $2,300, with traders monitoring whether ETH can move back above the lower Bollinger Band near $2,363 for an initial recovery.
The current setup presents a critical technical decision point for Ethereum at $2,460, which represents the first support level above the recent $2,350 low. According to market analysis, $2,500 is the next major resistance level, with $2,550 identified as important resistance following Ethereum's bounce from the $2,350 zone. The bull case envisions ETH recovering $2,460 and holding it, opening a test of $2,500, while the base case anticipates continued volatility below that threshold as the market digests forced selling. The bear case warns of a sustained failure at $2,460 leaving $2,350 exposed, with a daily close below the first level further weakening the technical picture. For leveraged ETH longs, this drawdown has been costly, while for spot holders, the risk extends to a support failure that could extend the repricing. The analysts' measured objective sits around $3,270–$3,280, with macro conditions remaining the swing factor as hotter inflation can lift rate expectations and yields, pressuring risk assets. A confirmed break below $2,350 would invalidate the range's bullish setup and put the $1,900–$2,000 area back in view.
